PINNA INVESTISSEMENTS : revenue, balance sheet and financial ratios

In 2024, PINNA INVESTISSEMENTS achieves revenue of 2.0 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.4%. Vs 2023: +7%. After deducting consumption (772 k€), gross margin stands at 1.2 M€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 118 k€, representing 5.9% of revenue. Positive scissor effect: EBITDA margin improves by +14.9 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 190 k€, i.e. 9.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 128%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 27.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 589.10. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 170.3x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 84 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The gap of 32 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 518 days of revenue, i.e. 2.9 M€ to permanently finance. Over 2016-2024, WCR increased by +289%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of PINNA INVESTISSEMENTS is estimated at 885 495 € (range 283 533€ - 1 923 058€). With an EBITDA of 117 995€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.